[The Epoch Times, January 02, 2023](The Epoch Times reporter Dai Ning compiled a report in Adelaide, Australia) The Australian Treasurer warned that rising interest rates and a new wave of epidemics in China will have a negative impact on the Australian economy in 2023 Serious impact.
Federal Treasurer Jim Chalmers said Australia would closely monitor the Chinese government’s response to its latest outbreak. At the same time, he warned Australia was “not immune” to the coming global recession.
Speaking in Queensland on January 2, Chalmers said that while he was “optimistic” about the economic outlook for 2023, the Labor government remained “realistic” about what the next 12 months would look like.
“Most people expect that 2023 will be a difficult year for the global economy,” he told the media. “It is impossible for us to be completely immune to this.”
Chalmers said China’s management of its latest wave of the virus outbreak, Russia’s continued invasion of Ukraine and the impact of the Reserve Bank of Australia’s continued interest rate hikes would all play a major role in Australia’s economic outlook for the coming year.
“This year is not just about getting ready, it’s not just about building a buffer for another global recession. It’s about building a better future so that Australians can come out of this global recession on the right footing,” he said. , remain strong, inclusive and sustainable.”
China’s sudden shift from a zero-zero policy to a “new phase” of co-existing with the virus late last year triggered a “massive wave” of new cases that has already had a major impact on economic activity.
In response, Australia required travelers from China to undertake mandatory Covid testing, providing a negative test result 48 hours before boarding a flight.
China currently requires incoming travelers to be tested before departure.
Chalmers warned that the fallout from the new policy could have a “substantial” impact on the Australian economy, given Australia’s heavy reliance on Chinese markets and labor for economic products. He said analysts expect the wave to become “much more ferocious” during China’s (epidemic management policy) transition period and could spill over to supply chains.
The Treasurer also said that another major factor affecting the country’s economic performance is that most Australians will no longer have fixed-rate mortgages next year. “They will move from lower fixed-rate mortgages to higher variable-rate mortgages and understand This puts a lot of pressure on household budgets.”
Editor in charge: Liu Songen
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